Top Analyst Upgrades & Downgrades (ADBE, BAC, BBBB, BHP, CREE, CXS, CTCM, CBST, GS, HBAN, INTC, NBL, PAAS, PTR, PCG, VMW)

Adobe Systems Inc. (NASDAQ: ADBE) Cut to Underperform at FBR.
Bank of America Corp. (NYSE: BAC) Kept as Underperform and named Bear of the Day at Zacks.
Blackboard Inc. (NASDAQ: BBBB) Cut to Underperform at BofA/ML.
BHP Billiton Ltd. (NYSE: BHP) Cut to Neutral at BofA/ML.
Cree Inc. (NASDAQ: CREE) Cut to Hold at Wunderlich; Cut to Sell at Kaufman Bros.
Crexus Investment Corp. (NYSE: CXS) Started as Outperform at Credit Suisse.
CTC Media, Inc (NASDAQ: CTCM) Cut to Neutral at BofA/ML.
Cubist Pharmaceuticals Inc. (NASDAQ: CBST) Raised to Outperform at Oppenheimer.
Goldman Sachs Group Inc. (NYSE: GS) Reiterated Hold but cut 2011/2012 estimates at Argus.
Huntington Bancshares Inc. (NASDAQ: HBAN) Maintained Neutral with $7.75 target at BofA/ML.
Intel Corporation (NASDAQ: INTC) Raised to Overweight at JPMorgan; Raised to Outperform at FBR; Reiterated Buy at Argus.
Noble Energy, Inc. (NYSE: NBL) Raised to Outperform at Wells Fargo.
Pan American Silver Corp. (NASDAQ: PAAS) Maintained Neutral with $46 target at BofA/ML.
PetroChina Co. (NYSE: PTR) Raised to Outperform as Bull of the Day at Zacks.
PG&E Corporation (NYSE: PCG) Raised to Conviction Buy List at Goldman Sachs.
VMware Inc. (NYSE: VMW) Maintained Underperform but target raised to $70 at Credit Suisse.

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JON C. OGG